NRIs targeted by Indian real estate market firms

Brighton Pavilion
Creative Commons License photo credit: llamnudds
Some of India’s biggest real estate market players are planning to target non-resident Indians (NRIs) as the value of the rupee falls against the dollar.

Firms like developers Omaxe are turning to NRIs as sales in the domestic market continue to struggle, according to Maa Properties.

Omaxe is planning to target non-residents with its apartment complexes in Bangalore, Pune, Calcutta, Chennai, Hyderabad, the firm said.

Maa Properties said:

“NRIs have played a very important role in transforming the Indian real estate market.

“Opening-up of the Indian economy provided them with new opportunities and they have shown a great deal of confidence in the changed set up.”

In September Hindu Business Line said industry reports suggested NRI-backed property investment had increased in India by 10 to 25 per cent inside six months.

NRIs are allowed to buy property in India relatively freely but to register ownership with the government they must have either have spent six months living in the country or have a registered business in India.

People of Indian Origin (PIOs) can also buy property relatively easily, with the one million or so UK PIOs showing a heightened interest in Indian real estate.

Omaxe Royal Residency – Ludhiana

Related posts:

  1. Firms note shift in Indian real estate market
  2. Former residents drive Indian real estate demand
  3. Calls grow for Indian real estate market aid
  4. Greater developer focus needed for Indian real estate market
  5. RICS bids to restore Indian real estate market

This entry was posted in Overseas Property News and tagged , , , . Bookmark the permalink.

2 Responses to NRIs targeted by Indian real estate market firms

  1. Yes It’s the best time for NRIs to buy properties as NRIs can get a good deal now because of the recent depreciation of the rupees against the dollar this would benefit NRI purchase around 20 percent.

  2. anon says:

    Builders are so desperate. They are sending advertisements masqueraded as PR. Buy at your own peril. Prices will drop 30% easily. There is a huge over supply in the market. The rent to price ratio is way too low. India is sitting on a real estate over supply time-bomb. U.S subprime crisis will be repeated on a smaller scale in India soon.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>